Hold Venkys, but exit on rallies towards Rs 2,700: Mazhar Mohammad
Investors can hold the stock with a stop below Rs 2,120 on a closing basis and exit on rallies towards Rs 2,700.
July 18, 2018 / 02:38 PM IST
Venkys is in a strong downtrend as it took a hit of around 50 percent from its lifetime high of Rs 4,725 registered in April. As it retraced around 62% of its entire rise, from the lows of 397 – 4725, at the recent low of 2126 some stability and pull back rally can’t be ruled out.
In that case, a strong pullback may see this counter targeting Rs 2780 kind of levels. As downward momentum is looking strong breach of Rs 2126 on a closing basis may drag it down towards an initial target of Rs 1,900 and thereafter Rs 1,600 can’t be ruled out.
Investors can hold the stock with a stop below Rs 2,120 on a closing basis and exit on rallies towards Rs 2,700.Disclaimer
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